Forum Replies Created
Great post guys! This is what this forum is all about!
Oh and Don – I liked “wizbangery”! Nice one!
Adam
Don’t let life get in the way of living.
Hi Matt,
Good question! And brought out some good responses too.
We are just starting out with L/Os. Haven’t completed any deals yet, but hopeful in the next month!
I think the biggest thing going against Wraps is the bad press they get. This was one of the deciding factors for us to get into L/Os rather than wraps – they’re actually very similar strategies, but you’re not stuck with the stigma of wraps.
Without having any actual practical experience, just from our research so far I think that the only real risk is in how far you go in qualifying the client and the property. If you do your due diligence in qualifying, then what risk is there? Make sure the client is stable and isn’t going to walk out on you leaving you with a vacant property, and make sure the property is resellable or re-rentable in case this does happen regardless. That way, the worst case scenario isn’t so scary.
The biggest hurdle we’re facing at the moment is getting the applicants through the door. I would be most interested to hear what others’ experiences are with this, and how they went about getting their prospects ie. what advertising they used. We have focussed on regional newspaper and realestate website advertising. It is working, but only at a trickle rather than the hoped-for flood! Any comments / suggestions / experiences anyone?
In fact, I might copy and paste this last bit into another post!
Best of luck with your endeavours Matt!
Regards,
Adam
Don’t let life get in the way of living.
Nathan,
A sunset clause simply means that in your offer you include an expiry date and time. eg. “this offer is valid until 4pm Fri”.
By using a sunset clause you motivate the agent to forward your offer on to the vendor in good time, and you motivate the vendor to make a decision on your offer, rather than sitting on it for a few weeks while he waits for a better offer.
Best of luck!
Adam
Don’t let life get in the way of living.
Hi everyone,
I’m “the husband”. Just replying in order to bump the post up a bit – any comments anyone?
Adam
Don’t let life get in the way of living.
Lee,
Best of luck with your journey! I look forward to sharing in your progress!
To answer your Qs on the names of Steve’s books, they are:
– 0 to 130 Properties in 3.5 years
– 1,000,000 in Property in One YearBoth excellent books.
I’d also recommend “The Wealthy Barber” by David Chilton – a really good, simply written book that reads like a novel and gives you steps you can take to guarantee wealth years down the track. Though you want to go the fast track option, this book gives you some very good, solid principles to use as a start point.
I also recommend all of Kiyosaki’s Rich Dad series. Especially “Retire Young Retire Rich”.
Once again, all the best!
Adam
Don’t let life get in the way of living.
So I guess I’ll stop now and go to bed!
Good night![biggrin]
Don’t let life get in the way of living.
…..the “Flood Control” really slows things down![glum2]
Don’t let life get in the way of living.
….myself. Only problem is…….
Don’t let life get in the way of living.
….figured I’d give it a go…….
Don’t let life get in the way of living.
….thanks for the tip……
Don’t let life get in the way of living.
Great advice……
Don’t let life get in the way of living.
And Dr X……
Don’t let life get in the way of living.
Admin – thanks very much for the info! Much appreciated.
Don’t let life get in the way of living.
Hi ttman,
I know what you mean about not being able to access the Results forums – sometimes it’s frustrating when there’s clearly a good topic going on in there!
But I actually think it was a deliberate ploy to get us more motivated to sign up for the next Results team! Piques our curiosity and all that. Actually a pretty smart idea if you ask me! So I don’t hold any grudges towards them for doing it – good business acumen. It’s just frustrating sometimes!
I have to remind myself when I get frustrated that without these guys we wouldn’t have this resource at all, so we shouldn’t complain too much!
Take care,
Adam
Don’t let life get in the way of living.
Noysee,
Without knowing your personal situation (apart from that we have similar views on Turkey!), and without knowing anything about the trip, I just want to make the comment that you musn’t worry about feeling amateurish – at the end of the day there’s only one way to improve, and that’s by getting out there!
Best of luck,
Adam
Don’t let life get in the way of living.
I must qualify my statement – Turkish people are the SECOND most wonderful people in the world, after Canadians (otherwise my lovely Canadian wife might get upset!)!!![tongue]
Don’t let life get in the way of living.
Hi Noysee,
I can’t help you with your Q – though my wife and I travelled for 2 mths in Turkey (and loved it – one of our favourite places in the world. Largely because the people are so wonderful – you’re lucky to be married to one!) we weren’t looking for properties.
But I just did a member search for the members you referred to, and shwalel doesn’t exist anymore, but Skippygirl and Pelican are both in the records. You could try sending them a PM and see if they reply??? Worth giving it a go at any rate…
If you don’t know how to do a member search, just drop me a line.
Best of luck!
Adam
Don’t let life get in the way of living.
Helloooo … does anyone have the answer?!
I know it’s not earth-shatteringly important, but I’ve been on this website since 2003 (old login was AdamBC or something like that), and I’ve never worked out what the deal is with this! Can someone please placate my curiosity!
Thanks,
Adam
Don’t let life get in the way of living.
Thanks for all your responses guys. Well surprise surprise the offer was rejected. The agent came back with a counter offer $15K below the original asking price (!) but still above our offer. We went back and re-crunched the numbers but they still didn’t work out so we called back and said “no thanks – but the current offer still stands.”
It’s funny – I always thought “how hard can it be – if the numbers don’t work then just don’t buy. There’s no way I’d get emotional about a deal.” But my wife and I both found ourselves trying to justify paying the asking price! And then we looked at each other and said “we’re getting emotionally involved. It’s just a deal. There will be others.” But I really surprised myself that I almost succumbed to the emotion of “getting our first one under our belts”.
Well, that’s the end of that I guess. I must say, I’m still hoping against hope that the property won’t sell, the vendors will get more motivated, and they’ll come back and accept our offer in a month or so! You never know…
Thanks again for your kind words of encouragement.
Regards,
Adam
Don’t let life get in the way of living.
Hi again,
Just to give you a brief heads up as to what each product is for:
– Investment Detective is, as you said, for crunching the numbers on potential deals, and for keeping a record of your portfolio
– Buyer Beware contains templates to assist you in doing your due diligence on property analysis and financial analysis, and gives a good example of a tenant application form. It also helps you to analyse a property that has an existing tenant, and finally gives you a template for making an offer to purchase
– Wealth Guardian explains the different structures you can use for tax minimisation and asset protection
Hope that helps a bit more!
Adam
Don’t let life get in the way of living.
